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Brandix to develop export-oriented city in Vizag
24
Jan '06
Brandix Lanka Limited, based in Sri Lanka, has been allocated 1,000 acres of land near Visakhapatnam by Andhra Pradesh government to develop export-oriented apparel city.

The company is in hurry and does not appear to wait till all the infrastructure facilities at the proposed site were in place.

It has also acquired more than 50,000-square feet of constructed space in Vizag SEZ besides forming a Special Purpose Vehicle (SPV) with a Rs50-crore corpus, officials informed.

The proposed SEZ will be shared by Brandix Lanka and government with 76 and 24 percent equity, respectively.

About 60000 jobs are likely to be generated by this export-oriented apparel city.

Brandix is said to involve 15 other global companies with 100 percent foreign direct investment.

It should be mentioned here that Brandix Lanka Chief Executive Ashroff Omar signed an MoU in July 2005 with the state industries department to develop a garment city in Atchyuthapuram mandal in Visakhapatnam district.


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